| Effective date of Winding-up |
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August 12, 1994 |
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| Rehabilitation order and appointment of U.S. Rehabilitator |
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August 12, 1994 |
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| Appointment of Bermudian Provisional Liquidator |
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August 26, 1994 |
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| Implementation of Canada/United States settlement agreement |
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November 27, 1996 |
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| Stepping down of Superintendent as Provisional Liquidator and appointment of KPMG Inc. as permanent Liquidator |
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September 10, 1997 |
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| Implementation of CTSL Plan of Arrangement |
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November 19, 1998 |
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| Canadian Policyholders to receive 100% of benefits |
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April 26, 1999 |
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| Ordinary creditor call for claims |
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October 7, 1999 |
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| U.S. Policyholders receive 100% |
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December, 1999 |
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| Date for filing claims |
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February 15, 2000 |
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| Approved unsecured creditors receive first interim distribution of 22 cents on the dollar |
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September 28, 2000 |
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| Approved unsecured creditors receive second interim distribution resulting in an additional dividend of 10 cents on the dollar |
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April 17 , 2001 |
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| Approved unsecured creditors receive third interim distribution resulting in a cumulative dividend to date of 59 cents on the dollar |
|
October 22, 2001 |
|
| Approved unsecured creditors receive fourth interim distribution resulting in a cumulative dividend to date of 75 cents on the dollar |
|
May 8, 2002 |
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| Approved unsecured creditors receive fifth interim distribution resulting in a cumulative dividend to date of 100 cents on the dollar |
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November 12, 2002 |
|
| Approved a settlement respecting payments of post-liquidation interest to Ordinary Creditors and payments to Sub Debt Holders |
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November 28, 2002 |
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| Approved a claims paying process for Sub Debt Holders |
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January 31, 2003 |
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| Approved a 7th Distribution to Ordinary Creditors and Sub Debt Holders in the amount of $75 million |
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November 4, 2003 |
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| Approved an 8th Distribution to Ordinary Creditors and Sub Debt Holders in the amount of $35 million, and an additional distribution upon receipt of US funds in the amount of C$25 million on December 28, 2004 |
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October 5, 2004
December 1, 2004
|
|
| Approved a 9th Distribution to Ordinary Creditors and Sub Debt Holders in the amount of $40 million |
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December 13, 2005 |
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Overview of former business
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| Confederation Life Insurance Company ("Confed") was a large multinational life insurer, which operated actively in Canada, the United States, the United Kingdom and Bermuda at the time of liquidation. Foreign operations were conducted through a combination of branches and subsidiaries. In addition to the active foreign operations, Confed had an inactive branch in Cuba. |
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